"For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next," George Lucas said in a statement after the acquisition. "It's now time for me to pass Star Wars on to a new generation of filmmakers. I've always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime."

After the initial announcement, Disney chairman and CEO Robert Iger said the companies "have a pretty extensive treatment of the next three movies" and added that Episodes 8 and 9 will come out every two to three years after the initial installment in 2015.

Page 2 of 3 - In addition, Iger said there is potential for the Star Wars brand to expand in new ways beyond the big screen. "We really like Star Wars' potential on TV, and Disney XD would be a great home for that," Iger also said. The Disney-owned ABC already took advantage of that during Sunday's episode of Once Upon a Time, in which the Star Wars theme was heard as the cell phone ringtone for a new stranger in Storybrooke.

Are you excited Abrams will be directing the next Star Wars? Or do you think Joss Whedon or someone else would've been a better fit? Hit the comments with your thoughts!